NI bankruptcy

I think 44Brendan has given the OP very good advice here. I concur with everything he has said and would give you the same advice myself
 
44brendan said:
Theoretically nothing. However in practical terms, financial institution tend to move on.
Click to expand...

This is not true, after the bubble burst in London in the eighties they banks went after people, just before the statute of limitations was up on those who had gotton on their feet.

And people better not trust any bankers on anything that is said or implied unless it is in black and white and no small print get out clauses.
 
Defeated said:
Maybe not so Defeated just yet @44 Brendan we are trying similar to what you mentioned :)
Click to expand...

I think that's a very good starting point, and if it works then maybe you won't have to go to the UK.

How is the PIP going to be paid?
 
I would be very worried about the bury your head in the sand approach.From what I can see (mostly from UK websites as there seems to be very little on Irish Statute law) there are a lot of pitfalls that have to be avoided while waiting for the dept to become statute barred.No one can guarrentee the banks will simply write this dept off when the help of a negotiator ie. PIP is absent and if the PIP can't be paid he will be.
Time... yes sorry, this is advice given on UK statute laws and it maybe different here.I have tried to find info on Irish laws but am finding it hard.In UK it is 12 years on the capital shortfall and 6 on the interest.
 
Irish statute law remains fundamentally based on UK legislation. i.e. other than where land is involved a debt becomes statute barred after a 6 year period. In cases where debt is land related (commonly mortgage debt) the period is 12 years.
Please also note that the advice I gave was based on the circumstances of the case. Yes of course the banks and all creditors have the option of progressing with judgement proceedings within the 6 year period. However, creditors are pragmatic and unless there is something to be gained from a recovery strategy, there is little point in expending further time and money on it. Where an insolvent debtor has no assets and minimal income, there is nothing to be gained from taking legal action. However, this is an open forum and any advice given must be taken at face value only. Defeated has now done the right thing and is taking specific advice from a professional practitioner. My concern is that many readers of these threads will view bankruptcy as being the only option available to them, when it is not appropriate to their specific circumstances.
 
Still awaiting a meeting to be arranged between Mortgage company and PIP, he sent off everything over two weeks ago so just playing the waiting game at this minute in time. A last option well worth looking into as Brendan has said.
I will update when and if the mortgage company bother getting in touch with my PIP.

Hope to know more in the coming days.
 
I will update if the mortgage company can be bothered.. Almost 3 weeks since the PIP sent off the required paperwork ect and every time he rings they have nobody available!!

They really are useless....
 
Defeated said:
I will update if the mortgage company can be bothered.. Almost 3 weeks since the PIP sent off the required paperwork ect and every time he rings they have nobody available!!

They really are useless....
Click to expand...


Probably didn't have enough notification on the legislation to get the necessary staff. :(

Or they don't know what they are going to do.

My bet it's the latter.
 
NI Bankrupcy

Hello Evryone

Can someone advise me... if i file a petition in NI for Bankrupcy and include a property in my name that is in massive debt due to illness. Can my marital home be included in Bankruptcy even if its not in my name (Mortgage or the Deeds) ?

thnks
 
Right so mortgage company has finally got back to us, they are not willing to do anything other than accept voluntary surrender of the property and sue for the balance, even though proof of income has been sent in and is way below any threshold IE: below insolvency and bankruptcy level..

Possibly a case of giving back the keys and saying get me if you think you can for the balance outstanding on the shortfall?
 
Defeated said:
Right so mortgage company has finally got back to us, they are not willing to do anything other than accept voluntary surrender of the property and sue for the balance, even though proof of income has been sent in and is way below any threshold IE: below insolvency and bankruptcy level..

Possibly a case of giving back the keys and saying get me if you think you can for the balance outstanding on the shortfall?
Click to expand...

I am seeing this every week. There are very few deals. Give up your house and pay back the negative equity for the rest of your lives. Great deal.....not

Steve Thatcher
 
Defeated said:
Right so mortgage company has finally got back to us, they are not willing to do anything other than accept voluntary surrender of the property and sue for the balance, even though proof of income has been sent in and is way below any threshold IE: below insolvency and bankruptcy level..

Possibly a case of giving back the keys and saying get me if you think you can for the balance outstanding on the shortfall?
Click to expand...

Ouch! Is there no way you can play hardball to bring them back to the table?
 
Defeated, your only problem is if the bank go for judgement on the ballance, even if this takes them upto 12 years. You will always have this hanging over you. You really need to step in find a way to take control of it yourself, rather than leave it to the whims of the banks and courts.
 
You must log in or register to reply here.
Back
Top